There an incredible imbalance of buyers and sellers. A huge shortage of homes for sale in Hamilton and area. It is What has caused this PERFECT STORM?
There is the pent-up demand from the Buyers who were taken out of the market due to mortgage rule changes in 2012. Many are coming back into the market now.
There is a huge migration of buyers from the GTA due primarily to affordability. Also the fact that there are more commuting options now and even more in the near future. The construction of a new GO Station with “all day” GO service sure to be a reality in the near future.
Incredible mortgage rates further drive and assist the Buyers make their homeownership dreams come true.
Hamilton reinventing itself with a diversified economy and changing job market. No longer the Steel industry as the primary employer but instead everything to do with the Medical Field, education, research and the world class hospitals. A booming and changing demographic with a thriving grassroots Arts/Music/Theatre Community. Hamilton is no longer a secret and is on the map for many reasons. A mecca for the outdoor enthusiasts with greenspace, waterfalls, beach front, harbour and amazingly located between a Great Lake and an Escarpment. Then of course, the people, recognized as a very generous and caring community.
Move up Buyers who are nervous about putting their homes on the market in case they can find anything or who are waiting for the “spring market” to list their homes.
The pressure comes from the bottom, from the First Time Buyers. Hopefully the “Spring Market” will bring more product on the market to help alleviate some of this pressure. After all a little more balance is always healthier for everyone.
My best advice….If you are a Seller, LIST your home now and beat the rush of Sellers. If you are a Buyer without the pressure of time. Breathe for a few weeks and hopefully you will have more product to pick from soon.
Next I will address the so called benefits and pitfalls of under pricing your home in this type of market.
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